Why It Is Important To Know How Good Your Credit Score Is?

There are a lot of factors that determine your credit score. Your credit score is incredibly important in regards with your loans. To have a better understanding, if you have an amazing credit score, you will be able to loan more money much faster. However, what is a good credit score and how is it calculated?

Well, a credit score is generally split in 3 categories:

- A High Credit Score

- A Middle Credit Score

- A Low Credit Score

Let's take it from the bottom to the top. So, if your credit score is low, it is pretty clear that loaners will be incredibly cautious when lending money and that you won't be able to loan as much as you'd want. Or, if you're unlucky or if your score is way too low, you may not even be allowed to take any sort of loan, no matter to which bank you're going to.

If your credit score is middle, you're together with the majority of the people that usually don't ask for a lot of loans but are faithful clients that always pay their debts. Therefore, you will be able to ask for loans that are even average-high.

Credit scores are composed of a varying degree of numbers, anywhere from 300-850. A score is comprised of a scope of variables. A quick look at the payment history consists of thirty-five percent of the score. Watching the sum a person owes is thirty percent. The credit history longevity is fifteen percent of the score. New spending information makes ten percent. Consideration of the different sorts of credit utilized is the remaining ten percent of the score number.

Amazing credit is a score of 760 or above. Very good credit is a notch beneath 700 to 759 score. A good score falls in the scope of 680-699. An alright score is 620-679. A fair or so-so number is summed up in the 580-619 section. On the off chance that a score lies in the 300-579 area, the score is considered poor.

It is significant to the one needing credit to study their report thoroughly six to twelve months before applying for a major loan. In checking the report and seeing the score, you can search for any errors and ensure points of interest are listed correctly. This time frame permits a credit seeker the chance to begin a process of making corrections where required if errors were found. In the event that errors still show on the report when applying for a large loan, you must tell the bank of these mistakes.

There is also the chance to increase one's credit score. This should be possible in making sure that monies owed are routinely paid and decreasing extraordinary account balances. Since timeliness of payment is noted on every report, it is imperative to make payments on time. It would be in the borrower's best enthusiasm to not take on new debt.

So basically if you have an alright score or above, you're almost guaranteed to have good deals and be able to make as many loans as you may wish to, no matter the price you're asking for.

Therefore, always be careful of your credit score before asking for a loan, as you may get turned out very fast and the bank will surely remember you. That's why, you have to thoroughly study your bank credit score as good as you can and try to repair it, if needed.

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Preparing Your Credit Card for Use Abroad

Travelling abroad is rather exciting despite the purpose of the trip. The local cuisine, and experience of new cultures, hotel living and new sites to see are all aspects to look forward to. For security reasons, most people would rather travel with credit cards instead of cash and this is not only convenient but practical. If you have been looking for ways on how to build good credit, then this is how you need to prepare;

Alert your credit card company of your travel plans by making it clear how long you will be away and where you are going. You are aiming to achieve what is considered a good credit score but this will not happen if you have no access to the card. Credit card companies are ever on the look-out for suspicious card activity and one of the reasons that could lead a card to be flagged is use abroad.

Travelling to a new place should always be a security concern. We all know that you cannot be too careful when guarding your belonging that is why it is important to know who to call in case of an emergency. Being able to cancel your card can be quite helpful in your bid to achieve what is considered a good credit score because it will stop unauthorized purchases or withdrawals.

Travelling confidently is possible by taking into account all the necessary measures of how to build good credit. Steps such as carrying a separate card for back up and opting for a chip and pin instead of a magnetic strip card are sure ways to have peace of mind while on travel. You can also opt to carry a little cash and have a relative wire more as you need it if you wish not to use cards.

Related Source: How to Achieve Financial Freedom by Improving Personal Credit

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Making Maximum Use of Your Credit Card

If you have a bank account, chances are, that you been contacted by the credit card division of your bank to get a credit card. Any financial advisor will tell you to shop for the best credit cards for good credit and while this is just the first step, the next most crucial step to having a credit card is maintaining what is a good credit score number. If you use your credit card to pay for all your bills, it might be a bit of challenge keeping up with your score. Here is how the best credit cards for good credit can work to your advantage;

Use your card for major purchases – have you been thinking of remodeling your home or buying building materials for a large home project? Using a credit card is the surest way to control the overall amount of money you will send on the project. Apply for low interest best credit cards for good credit so that even after paying off the debt, the cost of the project is favorable.

Pay emergency bills with your card – we all want to have an emergency fund set aside to cover us on a rainy day but saving is a challenge for most people. The alternative to using your savings to cater for an emergency is taking a credit facility. Using a credit card comes in handy because it is an instant access to cash and if you had shopped for the best credit cards for good credit, the interest owed will be minimal.

Carry a credit card when unsure of your safety - a credit card is easy to conceal and hence the best alternative to cash when travelling or paying bills at an unfamiliar location. If you decide to carry your credit card along with you most of the time, carry your lenders contact details just in case your card is lost and you need to cancel it to maintain what is a good credit score number.

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Redeeming Your Credit Score with a Secured Credit Card

There are various reasons that could lead one to have a bad credit rating. If you find yourself struggling to bounce back to what is a good credit rating, there is hope for you. Repairing bad credit can take time and while it does not move you from bad to good in an instant, the progress could place you in good light with lenders. One of the most common strategies that people use to successfully go back to what is a good credit rating is finding the best credit card for good credit. A secured credit card is an excellent tool when you want to rebuild your credit reputation.

This is the best credit card for good credit and is what is commonly referred to as pre-paid credit card. As the borrower, you are supposed to pay upfront the amount of credit limit you wish your card to have. The amount of credit is usually in the range of $300-500 and acts as collateral for the amount of money used from the card. The lender will begin with this low range but as you honor your payments, they will be willing to increase this limit. To maintain a good report is as simple as making payments on time and paying the full amount due for repayment.

As the best credit card for good credit is used, the corresponding payments are recorded with credit bureaus and keeping this up for a while results in what is a good credit rating. The score may take a while to come up, but lenders now have a basis for extending credit facilities. To build your credit while at the same time save money, find the best credit card for good credit that offers low cost of annual fee and do not have an application fee at registration.

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Financial mistakes that finally catch up with us

The current generation of young professionals is exposed to such a fast moving world that time never seems to be a factor that will eventually catch up with us. Many young people are making serious financial mistakes and while it may seem like innocent youthfulness, the effects can be long lasting and catastrophic. If you would like to have a good credit score, these are the things to observe;

Live within your means

Everybody wants a good life and in most cases this comes at an extravagant cost. Many young people are willing to get into debt so as to finance expensive lifestyles and live their dream. There is definitely no harm in that but if you are always in debt; what is a good credit rating score will be quite elusive. Constant debt could at times mean being unable to pay them and it could hurt your credit score because instead of servicing debt, focus is on maintaining a social class.

Go through the fine print

Get information about credit facilities you plan on taking to avoid frustrations and disappointments. Every loan or credit facility has repercussions especially in the event of defaulted payments. The only weapon you have as a consumer taking a loan is the terms and conditions but unfortunately, most people either rush over or do not read them. It can take quite a while to go through everything but if you do not do it, a perfectly good credit score could be at risk.

Every financial mistake made today causes a ripple effect that could be felt for years or even a lifetime. A good credit score might not seem important now but you might need it later. What is a good credit rating score? It is a result of financial discipline.

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Unlikely Ways Of Building Your Credit Report

What's a good credit score? When people ask this question, the major ideas they have in their mind are on how to manage their credit cards so that the debt does not get out of hand, pay their bank loan and mortgages on time and clear up their phone bills. You may be thinking that the only headache you have for what's a good credit score strategy is to apply for the best credit card for good credit. Well, that is part of it and that is important but there are also other avenues other than the best credit card for good credit;

Take back those library books on time – An overdue library book attracts extra charges and if these charges go unpaid for a long time, well, you have no one to blame for what's a good credit score if yours is messed up. You won’t be around to take back a book? Don’t take the book or better still take in back before its return date.

Do not close any of your accounts – the thought of closing an account is rather inviting especially when you have cleared any debt associated with the account. Wait a minute! If your account is not in arrears, it means it has earned you a good credit report. The best credit card for good credit is one you can clear and be free to close the account, only that you should not.

Pay your traffic tickets - what's a good credit score is a reflection of how you handle all manner of financial obligations. The issue with traffic tickets is that if it is left unpaid for a long time, it is forwarded to a collections team which will not only try to retrieve it but also report it to credit bureaus.

Have some balance on your credit card – most people are on the lookout for the best credit card for good credit because they are easier to pay off. Did you know that having no balance at all is more harmful for your credit than a huge balance? Now you know!

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What is a good credit rating score?

Having good credit is a concept that many understand. Much like having good health or savings in the bank, it is something that all working adults would like to regain, maintain or obtain. But what is a good credit rating score?

Generally speaking, a good credit score includes any score above 700 points, however, since everyone has personal opinions about what constitutes a good credit score, it is essential to conduct your research first because different lenders have different criteria to determine whether an individual has good credit scores or not. Banks typically use credit scores to help them determine if they will approve you for a loan or credit card. Basically, the higher your credit score is, the greater your chance of getting approval.

The best way to determine if you have good credit scores is by breaking your scores down into ranges. The most widely used model for determining credit score ranges is the FICO credit scale that goes from 300 to 850, with anything above 850 reflecting excellent credit scores. To get a score of 800 and higher, one must have excellent financial management skills, a long credit history that is devoid of late payments and any other negative remarks, a stable and long history of employment and multiple credit lines. With these terms, anyone with a good credit score is eligible to receive approval from a lender as well as enjoy the benefits of low rates and favorable repayment terms. For the most part, anyone with a score of between 700 and 749 is considered to have a good credit rating, and they will most probably get approved for a loan, but they will not receive the VIP treatment experienced by individuals with excellent scores.

Lenders have their own criteria and in most cases, having a good credit score is only one element of borrowing money. A credit range serves as a fast reference for lenders so focusing on the range of your scores will help you work towards improving your credit scores.

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The Basics on How to Build Good Credit

Summary: The longer you keep an account open, the better it is for what score is good credit. Ensure you keep an old account open since this will help in how to build good credit by increasing the age of the account. Closing an old account won’t remove it from your report immediately until after about seven years.

It is very important to understand how to build good credit to make it easy to buy a home, finance education and get a dream job which cannot be achieved with a bad score. Right from the first credit card, everything you do will show up in the history. In order to get what score is good credit, here are few steps which can help you use credit responsibly:

1. Get a loan you can afford

When you get used to charging only the specific amount you can afford, this will give lenders a clear picture that you are a very responsible borrower. It will be easier for you to borrow money and get new credit because this will show an understanding of how to build good credit considering the fact that you only take an amount you can pay back. This will also help you avoid excess debt due. Loan are also seen the same way, it’s advisable to only go for a specific amount that you can easily pay off irrespective of what the lender says you can get. Make sure you analyze your budget to know what you can afford every month to ensure you are on tract on how to build good credit.

2. Use only a portion of your available credit

Using up your credit card or most of it will not help in how to build good credit score. It also makes it difficult to pay off the whole balance at the end of the month. Lenders will see individuals who max out their cards as irresponsible with lack of understanding of what score is good credit score. To get how to build good credit, it is advisable to stay below 30% of the given limit.

3. Begin with just one card

So many people could go on to get so many cards within the first few years of using credit. Try as much as possible not to follow that step which will not help in how to build good credit. The more cards you have available, the hard it will be to make monthly payments of your balance. It should also be noted that too many inquiries and too many new credit can affect what score is good credit. Start with just one card and try to be responsible with it before going for another will help you understand how to build good credit.

4. Ensure you make full payment every month

If you focus on charging only the specific amount you can afford, paying in full every month will not be an issue and the will help in how to build good credit. Paying off this balance regularly every month will show lenders that you are capable of paying bills. This is due to the fact that how to build good credit is dependent on the timeliness of your payment which will determine what score is good credit.

Related Resource: How to Get Good Credit Using Credit Cards Good Credit

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The Effect of using Credit Cards for Good Credit

Summary: Eventually when you have an improved credit score, you could decide to change your card to one with a higher limit and that does not require any form of deposit. If you have plans of doing this, it is advisable that you call your credit card Company to request for an upgrade. Your credit history will be reviewed and if it is good enough, they you will get the requested upgrade.

Most lenders chose their specific requirements and in most cases, having a good or bad credit score is just one of the criteria. Having a good or bad credit score a very important factor but each lender has to choose the exact way to select the credit applicant. This is because lenders could decide to check your good or bad credit score from several sources or will look through several credits scoring model, the most import think is the range which you fall in. The main criteria that determine a good or bad credit score is the range which you fall into. These work as a quick reference for a lender. So the main focus of a good or bad credit score is the range which you fall into rather than being overly concerned about the particular score.

It’s very important to understand the different scoring model and their range and how they are being used by potential lenders. It’s necessary to monitor where you stand which is your good or bad credit score. It’s advised that you should use the same scoring model to it won’t turn out to you trying to check the same score using different scale. So select a scoring model and stick with it throughout the whole process. Any improvement you make on one of the models will reflect on others. Always remember that the score can vary every time you check it. As long as the score is kept within a very good range, those slight changes don’t make much difference in your financial health.

When you borrow a given amount of money, having a good or bad credit score does not specifically determine if you will get approved for the loan or if you will be given the best interest rate. Credit agencies review your given credit history to determine if you could make payment of the borrowed money on time. You can have a large amount of debt and still have a very good credit score once you make timely payments for your bills every month. From your credit report, it will be determined if you can afford to make payments for the loan you are applying for. This is why your income and other money that was previously borrowed have a huge impact in rending decisions. Lender will also review the money you owe and the amount you earn and the assets you have available. If you have a good or bad credit score, using one of the best credit cards for good credit can be a very good way to improve your credit score. These credit cards for good credit works just the same way a regular card works. You are get charged for purchases to your account, make monthly payments and also pay a given interest rate on balances that was carried from one month to the next. Some of these credit cards for good credit come with an added advantage where you can make deposit first. His deposits will guard you from card issuers when you don’t make payments and make it easy for someone with good or bad credit score to get approved.

When selecting credit cards for good credit, make sure you go for one that reports to all three credit bureaus. Some cards don’t do this. If your card issuer does not send the reports to these bureaus, your good or bad credit score will not improve no matter how careful you are with your payments. Even if you get a card that requires you to make some down payments, you won’t automatically get credit cards for good credit. You will need to go through an application process and most times, the issuer will have to review your credit score. Each credit check being made by these issuers will result in a slight reduction in the score so it is advisable not to apply for so many cards. If you have been rejected a number of times, check for other options like a card that doesn’t require credit check at all. To improve a good or bad credit score, always try to make payments using credit cards for good credit on time and use a only a small percentage of the given credit to you. 

Related Source: Understanding What Is a Good Credit Rating Score

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How a Cellphone Can Influence Your Good Credit Score

Summary: In all, always make sure you pay your bills on time or else you may find yourself without a working cell phone and a lower score. Regardless of how you decide to pay your cell phone bill, remember to pay your bill on time and in full to avoid fees, charges, and damage to your score.

After paying for a roof over your head, keeping the lights constantly on, a cellphone bill and a device that comes with it is most likely going to be the next thing on the list of top necessary monthly expense.

Here not all bills are the same especially when it can influence your good credit score. Unlike some monthly expenses, like your mortgage or a car payment, paying your cell phone bill can affect your credit in a different way. In the first place you most likely need a good credit score to get a cellphone but the manner in which your cell phone bill is paid for could either hurt your score or not affect it in any way.

Missing a Cellphone Payment

Like every other bill, if you miss a payment or you are not fast about settling your bill, this will greatly affect your good credit score. Some cellphone companies might decide to switch off your service when there is a delay in your payment. But considering the fact that you don’t have a working cellphone, you still carry an outstanding cellphone bill which is unpaid for. Beyond just shutting off your service, you cellphone company will go ahead and report your missing payments to the bureaus and will send your debt to the collection agency which will greatly harm your good credit score range. Any account that has gone as far as that could be pending on your report for as long as seven years.

Paying a Cell phone Bill on Time

It’s normal to assume that paying your cellphone bill on time will boost your good credit score if missing your cellphone bill will reduce your good credit score. But the truth is if you are just paying your cellphone bills directly each month with cash, check or directly deducting it from your account automatically, it won’t have any impact on your good credit score. As long as the cellphone company has not extending any line of credit, your timely payment will not be report to the bureau.

Paying a Cell phone Bill on Time Using a secured Card

In a situation where by you don’t want to link your cellphone bill to your credit card or you do not have enough credit to get a credit card, here is an alternative way that will help you improve your good credit score. It is known the secured card. Just like a debit card, the amount of money you can charge to your secured card is limited to the exact amount which you out down on your card. . If you don’t qualify for a traditional credit card, it’s significantly easier to qualify for a secured card at a bank or union. And the issuer will report your secured card to the card bureaus, which means you are building history by paying your cell phone bill.

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The Impact of Having Good Credit Score

Summary: Managing good credit efficiently leads to a good credit score; this will reduce your cost of borrowing. Great financial moves involve living within your means, paying debt wisely including good credit card minimum payments on time and every time. This will help reduce the amount you pay on interest and keep you with some more money to save and invest.

A lot of people do not know about the credit scoring system or even the score until they are about to purchase a home or get a loan to start a business or make any other major purchase. A Credit score is a three digit number which is used by lenders to make a decision on whether you are going to get a credit card, a mortgage or some other kind of loan. This three digit number also has a huge impact in deciding the interest rate you are charged at when you get the loan. The score is a summary of your chances of being risky to the lender during the course of the application. Every individual have their own unique good credit score, even married couples have their separate good credit scores. When couples sign up as co-signers for a loan, both good credit scores will be scrutinized. The riskier this score is to the lender, the loss likely the lender will release the requested loan and the more interest rate you will get to pay on that loan which implies that you will pay more when you borrow money. Credit Scores ranges from 300 to 850. When it comes down to calculating your interest rate, the higher the score, the better terms you will receive on a loan.

The most used good credit scoring system known was developed by Fair Isaac Corporation which is referred to as FICO score. There are three major bureaus which are Equifax, Experian and TransUnion. These three bureaus make use of FICO scoring model. The score from these three bureaus might not be the same exact score. This is due to the fact that lenders and other businesses report information to the agencies in different manner and these agencies process their information through their system differently. Due to the fact that lenders have different criteria of making a loan, getting the loan depends on the bureau the lender goes to for this score. Suppose you want to borrow $200,000 in the form of a fixed rate thirty-year mortgage. If your good credit score is in the highest category, 760-850, a lender might charge you 3.307 percent interest for the loan. This means a monthly payment of $877. If, however, your score is in a lower range, 620-639 for example, lenders might charge you 4.869 percent that would result in a $1,061 monthly payment. Although quite respectable, the lower score would cost you $184 a month more for your mortgage. Over the life of the loan, you would be paying $66,343 more than if you had the good credit score. Try to imagine what you could do with an extra $184 per month.

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Reasons to Understand What Good Credit Score Range Is

Every known lender have their own standard for rating credit scores but any score that is 700 and higher on a scale of 300 to 850 is regarded as a good credit score. Most lenders use this three digit score to know your creditworthiness and your chances of getting the loan from them. The higher this good credit score is, the better your chances of getting the loan from the lender. A good credit score can also help you save on interest rates. Having a particular good credit score is not enough reason for you to get a loan or doesn’t not guarantee getting it at the lowest interest rate available, but a general understanding if where you stand with your score will help you determine the type of offer to apply for and also the areas that should be worked on before the application.

Free report can be gotten from Equifax and TransUnion. It is usually updated every week which makes it easy to track your score. Once this score is known, the next step will be to check your credit factors to get to know what is impacting them which is a very good way in helping you figure out how to improve this score. Another thing to note is the fact that several authorities refer to any score below 500 and 600 is not a good credit score which is seen as the absolute lowest score. When the score gets this low, the only lender that will give loan are those specialized in giving loan to this group of people? Down payment and collateral might not have so much impact when it has gotten to this stage. It will also be very difficult to get insurance and some employers who check good credit reports won’t give you a chance. Such score leaves an individual with very few options and it is advisable not to chance after any until it’s improved. With a low score, it is advisable to focus on reducing debt, eliminate collection accounts and make timely payments.

In most cases, there is usually a bankruptcy, active judgment, or repossession hurting you score or having several active collections. The only other possibility is that you have little to no information on report with which to build a score. Those whose account report information get stuck with low scores. For those who are newbies, it will be easier to build a good credit score than those who have accumulated negative remarks.

Summary: Almost every lender chooses their own criteria and in most cases, this score is just a factor out of others even though it is a major factor. This is due to the fact that lenders pull your scores from several sources or may decide to check through several different scoring models to know the range you fall into. Here the creditors get to decide how exactly he wants to evaluate the applicants. But with a score below 600, it would be perfect to contact a counselor and create an actionable plan to revive your good credit score.

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Choosing the Best Credit Card for Good Credit

No credit card is unique and fits everyone or every purpose. But by understanding your reason for getting the card and asking question geared towards uncovering the pros and cons of the card, you will know if it will fit your spending habits and credit level. Here are few ways to help you understand the Best Credit Cards for Good Credit for your need:

Know Your Credit

Get to know the credit card that will best fit you based on your credit score. If you have an excellent score, it will give you a very good chance of getting the best credit card for good credit with great perks. A lot of credit card issuers give free access to FICO credit score to their cardholders and so many third party website provide different credit scores.

Get to know the best credit card for good credit you need

There is generally some best credit card for good credit:

-Cards which will help you improve your credit score when it is low

-Cards that will save you money on interest

-Cards that will get you rewards

The Best Credit Card for Good Credit that will suit you is the one that has features that will fit your specific needs. For example if you travel a lot, you will most likely want to go for the best travel card in the world.

If you want to build or improve Credit

Student card and secured card are specially made for college students who are new to credit and are easier to get than other best credit cards for good credit available. A secured card generally requires a minimum deposit of about $200.This deposit will then be refunded when the account is upgraded or closed while maintaining a good score.

If you want to save on Interest

You will likely prefer a card with 0% APR and continuous low interest rate. This card will be very useful if you want to use the best credit card for good credit for emergencies and also as an irregular income and carry a balance regularly. Balance transfer is a good way to help you pay high-interest debt interest-free. You should also understand that these deals are rarely gotten by people with fair and poor credit score.

If you want to earn rewards or cash back

A reward card is perfect for someone that always pays off the balance every month in full and doesn’t pile up interest. These cards usually comes with a higher APR but also offer great sign-up bonuses and gives you points, miles or cash back on every amount that is being spent.

Related Resource: How to Build Good Credit

Summary: Finding the Best Credit Card for Good Credit is part art, part science. If your number falls below your expectations, you can check the credit report to know the reason why. You can then focus on how to improve that score, from working on your spending habits to following up on error on your credit reports, if necessary. You are entitled to one free copy of your credit report from each of the three major credit bureaus every year.

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Reasons to Maintain a Good Credit Score

Summary: Since your credit is defined by how you’ve paid (or not paid) your bills in the past, many businesses landlords, mortgage lenders, utility providers, and even employers use your credit to predict your future financial responsibility. Anytime you need to borrow money, or even services, your credit is called into question. This is why maintaining good credit is so important.

Almost every purchase and decision now is being made based on how you can maintain a good credit score. To have and maintain a good credit score has gone way beyond getting loan or credit cards. A lot of other businesses are beginning to make a case that it is that it is compulsory to have a good credit before they can offer you their goods and services. Here are some reasons why you should maintain a good credit score:

It influences where you live and the cost

Before purchasing a house, lenders will want to be sure that you will not default on your mortgage payment. It you don’t maintain a good credit score, the lender will be reluctant to give a mortgage loan. When you finally get the mortgage, maintain a Good Credit Score has an impact on the interest rate which will in turn affect the monthly payment. When you don’t maintain a good credit score, you will be required to pay higher. If the score is very bad, your mortgage request will most likely be turned down. This is not only restricted to those buying a house. Even if you decide to rent an apartment, your landlords will want to know if you maintain a good credit score to determine whether to rent it to you. Most landlords also see this lease as a loan and will want to be certain you will pay back. With a very bad score, you might not get the apartment.

It influences your car and its payment

You will definitely have to get an auto loan unless you have the cash to make an outright payment. To maintain a good credit score will not only influence if you get the loan but also the interest rates and the amount you pay. People with good credit have a higher chance of getting large amount and lower interest rate when they apply for loan. A bad credit will limit your chances, only very few lenders will agree to give loans to people with bad credit and even when they do, the will request for a very high interest rate. This high interest rate comes with a higher amount to pay each month.

It has an impact on Job search

A lot of employers now review the credit report of applicants before hiring an employee. If they don’t have a good credit report, the employee might see the applicant as financially irresponsible and will be reluctant to hire. The employer might think that your level of debt is too high for your salary. Many employers also uses maintain a good credit score as criteria for pay rise and promotion in financially related or executive positions.

Related Source: Understanding How to Maintain Good Credit Score

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What Is a Good Credit Score Range?

Summary: With your score still being within the good credit score range, you will be accepted for every kind of credit and the least interest rate as long as it doesn’t go below this point. You will qualify for almost every loan and this good credit score range won’t hold you from getting insurance and finding employment.

Generally speaking when your credit score is above 700, it can answers the question of what is a good credit score range. However, if you surf the internet you will see a lot of comments of what a good credit score range is. This makes sense because it reflects the industry considering the fact that every lender has their own criteria when determining the credit worthiness of an individual. Analyzing credit scores into ranges is the easiest way to understand when you are within the good credit score range. It gives you the clear picture of where are and also answers the question of ‘what is a good credit score’. It will also let your understand how you would be treated by potential lenders, insurance companies, and even potential employers. With this you will have a clear understanding of what good credit score ranges is and how it makes you seem in the eyes of lenders.

To most lenders, there is only very little difference between 750 and 800. With this good credit score range, you will get approved and offered the best interest rates just the same way they treat customers with excellent credit score. The only difference between the treatments people in this rage get over the people in excellent credit score range is their debt to income ration. This will only be short of excellence due to few late payments and also delay in payments in work place. With a score between 700 and 749, you will still get approval as you still fall within the range of a good credit score. You might not be given the lowest interest rates and VIP treatment like others above this good credit score range. With this you obviously have a great credit history but must have had a collection account somewhere along the line. Probably a late payment a while ago or might just have had too much credit debt. But irrespective of all that, you are still in good shape.

Related Source: https://goodcreditblog.wordpress.com/2016/06/15/understanding-good-credit-scores/

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